The further rise in CPI inflation from 5.5% in January to a new 30-year high of 6.2% in February adds to the pressure on the Chancellor to offset more of the cost of living crisis in today’s fiscal Spring Statement. And with inflation now more than three times the Bank of England’s 2% target, the Bank may reassess its dovish tone after it raised interest rates to 0.75% last week. We think rates will rise to 2.00% next year.
Commodities Drop-In (24 March, 11:00 EDT/15:00 GMT): Our Commodities team will be exploring how the war in Ukraine is shaking up commodity markets, from oil to wheat, while tackling some of the big market questions – not least whether we’re in for 1970s-style oil supply shocks. Register here.
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